Spence pleaded guilty earlier this year in a fraud case for soliciting individuals to invest in digital assets including bitcoin and ether from December 2017 through April 2019. During this period, Spence fraudulently solicited and obtained over $5 million of digital assets such as bitcoin and ether from 175 user accounts. Earlier in May, Spence…
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However, Braga allegedly used the investor funds for his own benefit and to pay a network of worldwide Trade Coin Club promoters, including Paradise, Taylor, and Tetreault. The SEC stated that Trade Coin Club operated as a Ponzi scheme. It explained that investor withdrawals came only from deposits other investors made and not from any…
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Furthermore, SEC alleges that cease-and-desist actions by the Securities and Exchange Commission of the Philippines in September 2020 and by the Montana Commissioner of Securities and Insurance in March 2021 did not stop Forsage from operating and the defendants continued to promote the scheme while denying the claims in several YouTube videos. Carolyn Welshhans, Acting…
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The Swiss firm further warned people against providing their personal information on the clone website. The company stated: Do not trust any information to be found on the website www.dukascoin.holds-coins.com. This website is a clone of www.dukascoin.com website and its purpose is to induce individuals to reveal seed phrases to their crypto wallets. Do not…
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The charges the regulator brought against the defendants were for soliciting the funds for investing in digital assets and other instruments. The defendants were also charged with operating an illegal commodity pool. The scheme According to the CFTC’s complained the defendants used a website, YouTube videos, and other means to solicit the money. However, the…
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Spence managed to solicit over $5 million through false representations. He claimed that his crypto trading had been extremely profitable when, in fact, it had been consistently unprofitable. As a result of his claims, investors transferred additional funds to him. In over one month, He recorded net losses in the accounts in which he traded…
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The announcement is also published by the police in the western German province of North Rhine-Westphalia. OneCoin was launched in 2014 by Ignatova who is a Bulgarian-born German national. OneCoin is considered one of the largest crypto scams. The Ponzi crypto scheme claimed to have over 3 million members around the world and has generated…
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The reports stated that $50 million were stolen from crypto exchanges in North America, Europe and Asia during the period between 2020 and mid-2021. A report from cybersecurity firm Chainalysis was also cited saying that North Korea conducted seven attacks on crypto platforms last year and stole approximately $400 million worth of digital assets. The…
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Virtu continued: If you have been contacted by any person(s) purporting to be acting on behalf of or in connection with Virtu to trade cryptocurrency, be aware that these individuals are not authorized representatives of Virtu. The company also noted that victims of such fraudulent actions can contact their local FBI office. Virtu Financial highlighted…
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Arcaro has already pleaded guilty to BitConnect-related activity, including to charges of conspiracy to commit wire fraud. BitConnect was one of the largest crypto scams. It is estimated that it cheated investors out of $2 billion during its 2017 ICO peak. Arcaro and Future Money have agreed on the entry of judgments. Arcaro is permanently…
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